SwampFox

AVX Corporation Announces First Quarter Results

Submitted by: John Warner on Jul 29, 2008 at 10:00 pm Tagged with: capacitors, earnings, electronic components Source: AVX

Quarter highlights:

* Revenue up almost 4.0%, or $13.7 million, to $396.9 million compared to the same quarter last year.
* Earnings per share of $0.18 in the quarter
* Dividends of $6.8 million, or $0.04 per share, paid during the first quarter of fiscal 2009.
* Cash and cash equivalents and short and long-term investments in securities steady at $807.2 million.

MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Chief Executive Officer and President, John Gilbertson stated, "We are pleased to be able to report that sales for the June quarter were up about 4% compared to the same period last year. The market place remains consistent but cautious resulting from overall uncertainty in global economic conditions.”

Operating income for the quarter was $32.0 million. The decline, when compared to the same period last year, reflects higher costs for energy, metals and other materials used in production in addition to the negative impact on costs due to the weaker U.S Dollar. Operating results for the quarter ended June 30, 2008 include restructuring charges of $1.3 million related to worldwide headcount reductions during the quarter.

Mr. Gilbertson went on to state, “We believe that inventories remain lean throughout the supply chain and certain market segments, from medical to computers to telecommunications, continue to show demand strength.”

Net income for the quarter was $31.0 million, or $0.18 per share, compared to net income of $39.2 million, or $0.23 per share, in the same quarter last year.

Cash and cash equivalents and short and long-term investments in securities totaled $807.2 million at June 30, 2008. During the quarter $6.8 million of dividends to stockholders were paid.

AVX, (NYSE:AVX) headquartered in Myrtle Beach, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.

Please visit our website at www.avx.com.